You signed your name to a lease eight months ago and still have four months left. The new job you landed is a few hours away though, and you need to move ASAP. You don’t want to break the lease, but can’t afford to pay for two apartments either.
Then, an idea hits you − why not sublet your apartment for the remainder of the lease agreement? Finding a subletting tenant should be easy enough, and if they meet your requirements, you can start looking for a new place and conducting a renters insurance comparison for your new digs in no time!
But is subletting your apartment really the way to go? The more you think about it, the more nervous you get. What if you sublet to someone who, unbeknownst to you, smokes indoors and regularly hosts all-night parties? The property damage alone could cost you your security deposit.
Before deciding for or against subletting your space, here’s a list of pros and cons to think about:
PRO: You won’t break your leasing contract. If you break your lease, the landlord could require you to pay the remainder of the full rent or take you to court. Breaking a lease will also negatively affect your credit score, making it more difficult to get approved for another apartment.
PRO: You will earn extra cash. If you live in a popular area where living space seldom opens up, you can charge above rent to a willing subletting tenant, earning you extra income while helping you to pay for two rentals at once.
PRO: Better rental history. According to Apartment Ratings, the longer rental history you have, the more likely you are to get approved on future apartment rentals. If it’s seen that you pay your rent on time and stick around in one place for the full length of the lease, prospective landlords will more than likely approve you for their open listing.
CON: The landlord can serve you an eviction notice. If subletting is not allowed in your apartment complex and it is learned that you are or have been subletting your apartment for an extended period, your landlord has the right to evict you. Having an eviction in your rental history will make it more difficult to get an apartment in the future.
CON: The subletting tenant could cause property damage. All you know about your prospective subletting tenant is what they have told you on paper. They may say they are squeaky clean, but by the time you move back in there could be mold growing in the sink and a plumbing emergency in the bathroom.
CON: The subletting tenant could try to sign up for the lease renewal. If the subletting tenant likes the space and has been chummy with the landlord, they could work it to where they are offered the new lease, not you. This can turn you out of an amazing living space and onto the street, your belongings included.
As with all things, there are positives and negatives when it comes to subletting. One thing’s for sure, make sure you and the subletting tenant have renters insurance. Visit us today for your free quote!